This month, Ethereum is up 28%. Its price has even just exceeded $2,900. With the Dencun upgrade less than a month away, the crypto community is anticipating a major development. Added to this are other factors that could propel Ethereum to new heights.
Ethereum Community Already Anticipating Dencun Upgrade
Scheduled for March 15, 2024, Dencun designates the second phase of Ethereum’s transition to PoS. This upgrade will bring the “proto-danksharding” to the blockchain.
There dencun upgrade is eagerly awaited by the Ethereum community. It will not only improve the user experience, but also open the way to new possibilities. It will also strengthen Ethereum’s position as a crypto market leader.
ETH price: The upward trend is confirmed
Ethereum’s price has surged 28% since the start of February, reaching $2,935 at the time of writing this article. This is the highest level since November 2021, when ETH reached its all-time high of $4,800.
Several indicators market prices confirm this upward trend. We refer in particular to open interest on Ethereum futures. It reached $10.6 billion, the highest level since July 2022. Trading volume, too, exceeded $130 billion in January, following the approval of Bitcoin ETFs in the United States.
Despite its impressive performance, Ethereum still has room for improvement. The Dencun upgrade is just one step towards the final vision of Ethereum 2.0, which is expected to be completed by 2025. More improvements are planned, such as Layer 2 (L2) scaling network integration which make it possible to move part of the transactions off the main blockchain, to make them faster and cheaper.
In any case, Ethereum is on track to continue to dominate the crypto market in 2024. According to some analysts, it could even surpass Bitcoin. To be continued…
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
